Carbon monoxide, naturally produced by the human body, is toxic at high concentrations as it binds to hemoglobin to form carboxyhemoglobin (COHb) which is ineffective for delivering oxygen to bodily tissues. Paradoxically, carbon monoxide has been shown to be a signaling molecule with various therapeutic effects, such as cytoprotection, anti-inflammation and immunosuppression. When given at appropriate doses, carbon monoxide can be clinically beneficial for treating various indications including ischemia reperfusion injury. There is a medical need for identifying dosing regimens for the administration of carbon monoxide that are therapeutic while minimizing the risk of adverse effects associated with administration of the same.